NEW YORK, May 24, 2018 /PRNewswire/ --
Oil prices extended losses on Wednesday after several political and economic developments around the world. According to a
report by CNBC, U.S. commercial crude inventories unexpectedly increased by 5.8 million barrels last week, an opposite of
analysts' expectations for a decrease of 1.6 million barrels. Iran and Venezuela are also a concern, as world's political stability can affect the supply and demand of oil. OPEC
may decide to raise oil output this summer due to worries over Iranian and Venezuelan supply. Despite recent setbacks, oil prices
have been gaining this year. Oil prices have gained nearly 20 percent year to date, with Brent briefly rising above $80. International Frontier Resources Corp. (OTC: IFRTF), TransGlobe Energy Corporation (NASDAQ: TGA),
Baytex Energy Corp. (NYSE: BTE), Northern Oil and Gas, Inc. (NYSE: NOG), Chesapeake Energy Corporation (NYSE: CHK)
The head of commodities research at Goldman Sachs, Jeffery Currie, explained according to the
wall street Journal that, "Albeit higher than consensus, this was one of the most telegraphed rises in oil prices… Is
$75 to $80 or even $85 really that
shocking? The answer is no. We are within the range of possible outcomes given that shale is now the dominant technology… a range
of expectation from $40 a barrel to $180 a barrel in a given year
wouldn't have been unusual."
International Frontier Resources Corp. (OTCQB: IFRTF) is also listed on the TSX Venture Exchange under the ticker
(TSX-V: IFR). On May 16 th the company announced breaking news that, "in partnership
with Mexican petrochemical leader Grupo IDESA, is pleased to announce production test results of its workover of the previously
drilled TEC-2 well." Highlights:
- On May 8th, Tonalli commenced a production test of the TEC-2 well producing from existing perforations.
- The well was tested for a total of seven days and recovered an average of 125 barrels of oil per day ("bopd").
- Last recorded production rate in January 2016 from TEC-2 was 9 bopd and 9 thousand cubic feet ("mcf") of natural
gas per day.
- Over the final day of the test, the TEC-2 well averaged an estimated 105 bopd and 288 mcf of gas producing 514 bbls/d of
fluid.
- Throughout the test, TEC-2 flowed naturally on a restricted 20/64 inch well head choke with a final wellhead flowing
pressure of 660 psig. The ratios of crude oil, water, and natural gas remained consistent throughout the multi-day
test.
"Rates from the TEC-2 well exceeded our expectations based on the age of the well and historical production records provided
by the previous operator," stated Steve Hanson, President and CEO of International Frontier Resources and Director of
Tonalli Energia. "The results of the test have indicated that the El Abra reservoir in the Tecolutla Field is capable
of delivering high volumes of fluid."
TEC-2 is an existing well that produced for sixty years from 1956 until January 2016 without the use of artificial
lift and was shut-in by the previous operator. TEC-2 is located approximately 800 meters north of the recently drilled
TEC-10 well. Tonalli is also pleased to announce that completion operations on the newly drilled TEC-10 well (see press release
dated May 7th, 2018) have commenced. Production testing of the TEC-10 well will be performed over the next few weeks as part
of completion operations. Results of this test will be announced when further information becomes available.
Through its joint venture, IFR was one of the first foreign companies to participate in Mexico's historic reform of
the oil and gas sector. The Tecolutla block was awarded to Tonalli on May 12, 2016 as part of the first round
and third call of Mexico's oil and natural gas "mature fields" bid round ("Round 1.3"), the first in almost 80
years."
TransGlobe Energy Corporation ( NASDAQ: TGA) is a Calgary-based, growth-oriented oil
and gas exploration and development company whose current activities are concentrated in the Arab Republic of Egypt and Canada. On May 10, 2018, the
company announced its financial and operating results for the three months ended March 31, 2018.
TransGlobe Energy Corporation produced an average of 14,375 barrels of oil equivalent per day during the first quarter of 2018,
which was within the full-year 2018 production guidance range of 14,200 to 15,600 boepd. Egypt production was 11,777 barrels
of oil per day ("bopd") and Canada production was 2,598 boepd. The Company sold 235,930 barrels
of inventoried entitlement crude oil to EGPC during the first quarter of 2018 for $13.2 million.
The proceeds will be used to cover in-country expenditures of the Company's Egyptian operations. At quarter end the Company had
approximately 1.0 million barrels of inventoried entitlement crude oil. Subsequent to the quarter.
Baytex Energy Corp. (NYSE: BTE) is an oil and gas corporation based in Calgary, Alberta.
The company is engaged in the acquisition, development and production of crude oil and natural gas in the Western Canadian
Sedimentary Basin and in the Eagle Ford in the United States. Earlier this month, the company
reported its operating and financial results for the three months ended March 31, 2018. The company
generated production of 69,522 boe/d (79% oil and NGL) during Q1/2018 and delivered adjusted funds flow of $84 million. The company's 2018 production guidance range is unchanged at 68,000 to 72,000 boe/d with budgeted
exploration and development capital expenditures of $325 to $375
million.
Northern Oil and Gas, Inc. (NYSE: NOG) is an exploration and production company with a core area of focus in the
WillistonBasin Bakken and Three Forks play in North Dakota and
Montana. On April 26, 2018, the company announced that it has
entered into a definitive agreement to acquire producing assets and acreage in the core of the Williston Basin in North Dakota for total consideration of $40 million in cash (subject to adjustments) and 6 million shares of Northern common stock. The company
anticipates the acquisition will close in approximately 40 days, and will have an effective date of January 1, 2018. Included in the assets are 86 gross (6.5 net) wells currently producing, drilling or awaiting
completion and an estimated 137 gross (8.2 net) wells of future drilling inventory. Operators of the assets include Hess
Corporation, Whiting Petroleum, Conoco Phillips, and Statoil.
Chesapeake Energy Corporation (NYSE: CHK) are focused on discovering and developing its large and geographically diverse
resource base of unconventional oil and natural gas assets onshore in the United States. Earlier
this month, the company reported financial and operational results for the 2018 first quarter. For the 2018 first quarter,
Chesapeake reported net income of $294 million and net income available to common stockholders of
$268 million, or $0.29 per diluted share. Chesapeake's average daily
production for the 2018 first quarter was approximately 554,000 boe compared to approximately 528,000 boe in the 2017 first
quarter. In the Powder River Basin (PRB) in Wyoming, Chesapeake is currently utilizing four
rigs, all of which are drilling in the Turner formation. Chesapeake placed six wells on production during the 2018 first quarter
in the PRB and expects to place 12 wells on production during the 2018 second quarter and up to 35 wells for the full-year
2018.
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